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Properties
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Boston, Massachusetts – Bunker Hill Business Center
A 54,000 square foot warehouse building.
Cambridge Hanover recently purchased this vacant warehouse below replacement cost. This corporate surplus facility is located in the Charlestown section of Boston. We are underway with an aggressive marketing program to lease the balance of the building. Complete renovation conversion into flex facilitiy. Recently signed leases include Federal Express for 10,000 square feet, Hampshire House for 7,570 square feet, and Sonos for 20,000 square feet.
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Philadelphia, Pennsylvania: Eastwick Business Center
A 247,000 square foot light distribution assembly building. Cambridge Hanover recently purchased this empty, single tenant corporate surplus facility and is repositioning the asset to accommodate up to five tenants. Plans for the project include a new facade, individual tenant entries and improved loading area. The property is ½ mile from the Philadelphia International Airport.
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Columbus, Ohio: DHL Express
A 54,100 square foot, warehouse/distribution building. A local developer acquired this building with an understanding that DHL would lease the property for 10 years. The terms of the lease required the developer to make significant improvements to accommodate DHL’s needs. Prior to the lease being finalized, Cambridge Hanover committed to purchase the single-tenant facility subject to the lease execution and completion of the tenant improvements.
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Raleigh-Durham, North Carolina: Airport Blvd.
A 154,000 square foot multi-tenant, three building complex..
First Industrial, a publicly traded REIT, was selling its holdings in Raleigh-Durham, NC.
The 20 year old property was leased to eight tenants on short-term leases with 40% of the leases expiring within 12 months.
Cambridge Hanover immediately initiated a plan to stabilize the rent roll with leases to Whole Foods, Pilkington and HBI.
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Columbus, Ohio: 8273 Green Meadows
A 78,500 square foot multi-tenant building.
Cambridge Hanover purchased this corporate surplus property 60 days from contract.
As an accommodation to the seller’s relocation needs, Cambridge Hanover entered into a 3-month leaseback during which time Cambridge Hanover
immediately began a program to correct deferred maintenance and initiate an aggressive a marketing program to lease the vacant facility which is currently 100% leased to four tenants including, The Kroger Company, ISI, Re-Source USA, and Imperial Integrative Health.
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Chesapeake, Virginia: Bay Warehouses
A 300,000 square foot multi-tenant three building complex.
Cambridge Hanover closed on the property in 75 days and immediately initiated programs to lengthen lease terms, increase acreage available for trailer storage and attract non-logistics tenants including Kohler and General Dynamics.
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Totowa, New Jersey: Totowa Business Center
A 228,000 square foot multi-tenant facility.
Cambridge Hanover purchased the property and conducted a top-to-bottom redevelopment that included demolition of more than 50,000 sq. ft. of existing structure and a complete re-skinning of the building. Unilever Best Foods leased back 45% of the renovated $28 million facility with the remainder leased to four additional tenants including Price Waterhouse Coopers.
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Boston, Massachusetts: Keebler
Company
An 85,000 square foot single tenant building.
Keebler needed to double the size of its distribution capacity in the
Boston market, but was locked into an existing leased facility with a remaining
term of 3½ years. Cambridge Hanover assumed the lease obligation
relating to the old building and constructed the new distribution facility
allowing them to realize the efficiencies of a larger building.
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Cranbury, New
Jersey: General Electric / Firestone
A 220,000 square foot
multi-tenant building.
Cambridge Hanover closed on the property in 90
days and signed a lease with GE for 50% of the building. To meet GE's occupancy
requirements, Cambridge Hanover commenced the construction of their tenant
improvements on the same day it acquired the property.
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Washington, DC: Mason
King Court
A 152,000 square foot multi-tenant, two-building
complex.
Cambridge Hanover closed on the property and immediately
implemented an extensive renovation and re-tenanting program. Kellogg Company
agreed to lease 50% of the facility shortly after completion of the
improvements. The property is currently occupied by three tenants.
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Orlando,
Florida: Walgreens
A 202,000 square foot multi-tenant
facility.
Cambridge Hanover, in partnership with a large institutional
investor, purchased the property, upgraded the landscaping, replaced the roof.
The property is currently leased in its entirety to Walgreens.
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Shelton, Connecticut: One Parrott Drive
A 100,000 square foot multi-tenant building.
Cambridge Hanover acquired the former Pitney Bowes facility and completed substantial renovations including the addition of a dramatic glass curtain wall as well as a new lobby. The improvements updated the building’s image by correcting functional obsolescence, and transformed it from a single tenant facility into a multi-tenant, high-tech, light assembly building. The $20 million facility is currently leased long-term to tenants for lab and light assembly use including Océ Imagistics and Cara Therapeutics.
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Baltimore, Maryland: Synagro Technologies
A single-tenant 40,000 square foot building.
Cambridge Hanover purchased the facility from General Motors with a short term lease to Synagro which was subsequently restructured into a long-term commitment. Synagro Technologies is a subsidiary of Carlyle Group one of the world’s largest private equity firms.
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Orlando,
Florida: AmerisourceBergen
A 213,000 square foot
single-tenant building.
Cambridge Hanover purchased the property and
re-roofed, re-paved and generally upgraded the facility while accommodating the
seller, Eckerd Drugs with a short-term lease for a portion of the building. The
renovated facility was subsequently leased to AmerisourceBergen, a
publicly-traded company, that is an industry leader in the field of wholesale
drugs.
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St. Petersburg, Florida: Gateway Lakes Warehouses
A 180,000 square foot, multi-tenant, three-building complex.
Cambridge Hanover bought the complex and undertook a substantial rehabilitation program: adding new parking, demising and separately metering individual units and orienting the property to allow for multiple tenants including MC Graphics and Jabil Circuits.
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Columbus,
Ohio: Volvo
A 300,000 square foot, multi-tenant
building.
The building is fully occupied by Volvo, North America and
used as a parts distribution center. The building was originally designed as a
multi-tenant building. Upon lease rollover our plans are to restore the
property to its original multi-tenant design, thereby maximizing rental growth
and delivering to market leasing units in greatest demand.
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Memphis, Tennessee:
Shelby
Distribution Center
A 202,000 square foot multi-tenant,
three-building, light distribution complex.
At the time of purchase, the
property was approximately 55% leased. Cambridge Hanover initiated a
repositioning program comprised of cosmetic repairs, landscaping, signage,
painting and an aggressive leasing program, which included restructuring a
lease with the U.S. Postal Service.
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Pittsburgh, Pennsylvania: Keystone Commerce Center
A 180,000 square foot multi-tenant building.
The property was approximately 50% leased at acquisition. Cambridge Hanover commenced a re-tenanting program, installing demising walls and individual office suites. The property is currently 100% leased by four tenants including Manuli Rubber Industries and Cardinal Health.
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Chesapeake, Virginia: 3800 Cook Boulevard
125,000 square foot multi-tenant facility.
This property was corporately owned, in disrepair and built as a single-tenant facility. In order to maximize value, Cambridge Hanover reconfigured the building so that it would appeal to multiple-sized tenants. Renovations included demolishing an exterior truck dock, installing a new dock area providing a 170 foot truck court, new dock doors, landscaping, painting and new office suites. Tenants include TTSI (Total Transportation Systems, Inc.) and Konica Minolta.
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Virginia Beach, Virginia: Thurston Avenue
Thurston Avenue is a 142,579 square foot, warehouse/distribution complex located in Virginia Beach (Norfolk Area), Virginia on a 6.26 acre site.
The Property is well located on Thurston Avenue within the Airport Industrial Park in the City of Virginia Beach which encompasses 250 acres and contains nearly 4 million square feet of light industrial and Class B office space. Thurston Avenue is currently occupied by three tenants including, Mygrant Glass Company, New River Casual Funiture, and UNSA America, Inc.
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Charleston, South Carolina: RadioShack Corporation
A 250,000 square foot single-tenant building.
Cambridge Hanover purchased this corporate surplus facility from RadioShack Corporation which was restructuring their distribution system. We acquired the property within 45 days of entering into a purchase and sale agreement. The property was in need of some deferred maintenance including work to the roof and truck court. In order to assist RadioShack with their exit, we entered into a short-term leaseback to accommodate them in their transition. During that time, we commenced renovations and an aggressive retenanting program to port-related companies. Property is currently leased to AZ East a logistics company.
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